Insights & News
US housing rents have increased in the last few months
Miami again takes the top spot in terms of year-over-year rent growth, but at 37.4%, its lead over its Florida neighbor in second place, Orlando (23.9%), has shrunk from recent months.
Also among the markets with the highest rent growth are other Sun Belt cities like Austin (19.6%), San Diego (19.1%), San Jose (18.5%), Nashville (18.4%), and Charlotte (18.4%); with the Northeastern markets of Providence (23.8%), Boston (23.6%), and New York (21.1%) rounding out the top 10.
Local unemployment rates continued to be strong predictors of rent growth, with the top 10 rent growth markets averaging 2.87% in May 2022 and the bottom 10 averaging 3.42% compared to the average rate across the top 50 metros of 3.25%.
Notable exceptions include New York, where rent growth was high despite an above-average unemployment rate of 4.2%, and Minneapolis, which has the lowest unemployment rate of the 50 metros and also the lowest rent growth. The cities with stronger economies attract more workers to compete for leases and pay higher rents, while renters in cities with higher unemployment face less competition and are less able to pay fast-growing rent charges.
Below is rent price data as of June 2022 for the 50 largest U.S. metropolitan areas.
Read the original publication at: https://www.realtor.com/research/topics/data/